Razorpay targets post-FY26 IPO as India redomiciliation nears completion
Razorpay CEO Harshil Mathur said the payments company plans to pursue an IPO after FY26. Its process to shift domicile to India is expected to conclude within six to 12 months, a key step ahead of a potential domestic listing.
What happened
Razorpay plans to pursue an IPO after FY26, while its process to establish an India domicile is expected to close within six to 12 months, CEO Harshil Mathur
Key facts
- FY26
- 6-12 months
Why this matters
Razorpay’s redomiciliation and IPO preparation could strengthen its position as a domestic payments-platform partner or competitor, potentially raising the strategic value of fintech alliances.
What to watch
- Formal confirmation that redomiciliation has closed within the stated six-to-12-month window.
- Any reported improvement in EBITDA, net revenue retention, payment volumes and enterprise-merchant mix.
- Appointment of additional independent directors, auditors or senior finance leaders associated with IPO readiness.
- Changes in Indian fintech-listing sentiment, especially valuations and post-listing performance of comparable companies.
- Regulatory developments affecting payment aggregators, merchant lending, data localization or foreign ownership.
- Complete Singapore-to-India redomiciliation, including regulatory, tax and shareholder approvals.
- Increase focus on sustainable profitability, enterprise merchant acquisition and higher-margin software, lending or banking-adjacent products.
- Strengthen IPO-ready disclosures, independent governance, audit controls and domestic investor engagement.
- Use the clearer listing path to evaluate strategic acquisitions or partnerships in merchant software and financial infrastructure.